CEIBS Forum Explores How UK Benefits from China's Belt & Road

LONDON, July 6, 2017 /PRNewswire/ -- Advisor to China's ambitious Belt & Road Initiative (BRI) Professor Yang Jiemian says China and the UK have a lot to gain by working together on the BRI, especially if they tie in existing projects from their two countries and other parts of the world while leveraging the mutual benefits and complementary strengths of both countries. "The BRI could garner the best possible outcome only by [aligning] with each other's plans such as the British Northern Powerhouse, Germany's Industry 4.0 strategic initiative, [along with major road projects in places such as Kazakhstan, Mongolia, etc.]," he said today at a CEIBS-hosted forum looking at China's outbound investments and opportunities for Britain. "China and Britain could reap the benefits by expanding their coordination with the programmes of other BRI participants," he added.

The BRI will see major projects in countries along its route and beyond. As noted in a joint communiqué issued after the May 15 Leaders Roundtable in Beijing, the BRI will enhance connectivity between Asia and Europe and is also open to other regions such as Africa and South America.  With government level support from many countries, the actual implementation of projects has seen widespread participation at the company level. According to data from China's Ministry of Commerce, between January and April of this year Chinese companies in 61 countries along the BRI signed 1,862 contracts. The value of newly inked deals was US$31.85 billion, an increase of 2.3% over last year.  

During today's event, Professor Yang – who is also President Emeritus of Shanghai Institutes for International Studies – told the audience of business executives from both countries how China and Britain stand to benefit from leveraging each other's resources. "China and Britain are two important global players and complement each other in many ways. Britain's strength in finance, innovation, education and culture will add irreplaceable value to the BRI and Britain will gain enormous benefits in return," he said. "As an integrated driving force, the BRI would demand – as well as promote – greater cooperation in institution-building, rule-making, advanced research and closer networking."